Owing to the decline in fertility, mortality, and improvement in longevity, the number of the older persons is increasing in India. To successfully address the challenges of the rapidly growing older population, it is essential to have an understanding of wellbeing of the older population. In this study, we examine the socio-demographic differentials with respect to health status, functional disability, and quality of life of the older population in India. The study uses the data from the World Health Organization sponsored “Study on Global Ageing and Adult Health (SAGEINDIA)” of 2007. This pioneering survey gathered information from 6560 persons (aged 50 years and over) from six Indian states. All the three indicators of wellbeing shows that wellbeing is better for males than females, and that wellbeing deteriorates with increasing age. Wellbeing is positively associated with higher levels of education and economic status. This study shows that the outcome indicators vary significantly by socio-demographic characteristics. Any programme aimed at improving the wellbeing of the older population should be targeted to those who are poor, the aged, female, and uneducated. Social security measures, including pensions and health insurance are also crucial in ensuring the quality of life and wellbeing of the older population in India.